XML 39 R15.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Pension and OPEB | 6 Months Ended
--- | ---
Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. As of December 31, 2016, PSEG merged its three qualified defined benefit pension plans (excluding Servco plans) into one plan, thereby also merging all of the pension plans’ assets. As a result, the total net periodic benefit costs, net of amounts capitalized, decreased by approximately $12 million and $24 million for the three months and six months, ended June 30, 2017, respectively, as compared to the 2017 amounts that would have been recognized had the plans not been merged. This is due to the amortization period for gains and losses for the merged plan resulting in lower amortization than that of the individual plans. No changes were made to the benefit formulas, vesting provisions, or to the employees covered by the plans. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco.
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  |  | 2016 |  | 2017 |  |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| Components of Net Periodic Benefit Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost | $ | 28 |  |  | $ | 27 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 57 |  |  | $ | 54 |  |  | $ | 8 |  |  | $ | 8 |  |
| Interest Cost | 51 |  |  | 51 |  |  | 16 |  |  | 14 |  |  | 102 |  |  | 101 |  |  | 32 |  |  | 29 |  |
| Expected Return on Plan Assets | (99 | ) |  | (99 | ) |  | (9 | ) |  | (7 | ) |  | (197 | ) |  | (197 | ) |  | (17 | ) |  | (15 | ) |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (4 | ) |  | (5 | ) |  | (2 | ) |  | (4 | ) |  | (9 | ) |  | (9 | ) |  | (5 | ) |  | (7 | ) |
| Actuarial Loss | 25 |  |  | 40 |  |  | 12 |  |  | 10 |  |  | 49 |  |  | 79 |  |  | 25 |  |  | 20 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| PSE&G | $ | (1 | ) |  | $ | 7 |  |  | $ | 13 |  |  | $ | 11 |  |  | $ | (2 | ) |  | $ | 14 |  |  | $ | 27 |  |  | $ | 22 |  |
| Power | 1 |  |  | 4 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 8 |  |  | 13 |  |  | 11 |  |
| Other | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 6 |  |  | 3 |  |  | 2 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
During the three months ended March 31, 2017, PSEG contributed its entire planned contribution for the year 2017 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $35 million into its pension plan trusts during 2017. Servco’s pension-related revenues and costs were $8 million and $6 million for the three months ended June 30, 2017 and 2016, respectively, and $17 million and $12 million for the six months ended June 30, 2017 and 2016, respectively. The OPEB-related revenues earned and costs incurred were $1 million and $2 million for the three months and six months ended June 30, 2017. The OPEB-related revenues earned and costs incurred were immaterial for the three months and six months ended June 30, 2016.
PSE And G [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. As of December 31, 2016, PSEG merged its three qualified defined benefit pension plans (excluding Servco plans) into one plan, thereby also merging all of the pension plans’ assets. As a result, the total net periodic benefit costs, net of amounts capitalized, decreased by approximately $12 million and $24 million for the three months and six months, ended June 30, 2017, respectively, as compared to the 2017 amounts that would have been recognized had the plans not been merged. This is due to the amortization period for gains and losses for the merged plan resulting in lower amortization than that of the individual plans. No changes were made to the benefit formulas, vesting provisions, or to the employees covered by the plans. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco.
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  |  | 2016 |  | 2017 |  |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| Components of Net Periodic Benefit Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost | $ | 28 |  |  | $ | 27 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 57 |  |  | $ | 54 |  |  | $ | 8 |  |  | $ | 8 |  |
| Interest Cost | 51 |  |  | 51 |  |  | 16 |  |  | 14 |  |  | 102 |  |  | 101 |  |  | 32 |  |  | 29 |  |
| Expected Return on Plan Assets | (99 | ) |  | (99 | ) |  | (9 | ) |  | (7 | ) |  | (197 | ) |  | (197 | ) |  | (17 | ) |  | (15 | ) |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (4 | ) |  | (5 | ) |  | (2 | ) |  | (4 | ) |  | (9 | ) |  | (9 | ) |  | (5 | ) |  | (7 | ) |
| Actuarial Loss | 25 |  |  | 40 |  |  | 12 |  |  | 10 |  |  | 49 |  |  | 79 |  |  | 25 |  |  | 20 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| PSE&G | $ | (1 | ) |  | $ | 7 |  |  | $ | 13 |  |  | $ | 11 |  |  | $ | (2 | ) |  | $ | 14 |  |  | $ | 27 |  |  | $ | 22 |  |
| Power | 1 |  |  | 4 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 8 |  |  | 13 |  |  | 11 |  |
| Other | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 6 |  |  | 3 |  |  | 2 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
During the three months ended March 31, 2017, PSEG contributed its entire planned contribution for the year 2017 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $35 million into its pension plan trusts during 2017. Servco’s pension-related revenues and costs were $8 million and $6 million for the three months ended June 30, 2017 and 2016, respectively, and $17 million and $12 million for the six months ended June 30, 2017 and 2016, respectively. The OPEB-related revenues earned and costs incurred were $1 million and $2 million for the three months and six months ended June 30, 2017. The OPEB-related revenues earned and costs incurred were immaterial for the three months and six months ended June 30, 2016.
Power [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. As of December 31, 2016, PSEG merged its three qualified defined benefit pension plans (excluding Servco plans) into one plan, thereby also merging all of the pension plans’ assets. As a result, the total net periodic benefit costs, net of amounts capitalized, decreased by approximately $12 million and $24 million for the three months and six months, ended June 30, 2017, respectively, as compared to the 2017 amounts that would have been recognized had the plans not been merged. This is due to the amortization period for gains and losses for the merged plan resulting in lower amortization than that of the individual plans. No changes were made to the benefit formulas, vesting provisions, or to the employees covered by the plans. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco.
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  |  | 2016 |  | 2017 |  |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| Components of Net Periodic Benefit Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Service Cost | $ | 28 |  |  | $ | 27 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 57 |  |  | $ | 54 |  |  | $ | 8 |  |  | $ | 8 |  |
| Interest Cost | 51 |  |  | 51 |  |  | 16 |  |  | 14 |  |  | 102 |  |  | 101 |  |  | 32 |  |  | 29 |  |
| Expected Return on Plan Assets | (99 | ) |  | (99 | ) |  | (9 | ) |  | (7 | ) |  | (197 | ) |  | (197 | ) |  | (17 | ) |  | (15 | ) |
| Amortization of Net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Prior Service Cost (Credit) | (4 | ) |  | (5 | ) |  | (2 | ) |  | (4 | ) |  | (9 | ) |  | (9 | ) |  | (5 | ) |  | (7 | ) |
| Actuarial Loss | 25 |  |  | 40 |  |  | 12 |  |  | 10 |  |  | 49 |  |  | 79 |  |  | 25 |  |  | 20 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|  | Pension Benefits |  | OPEB |  | Pension Benefits |  | OPEB |
|  | Three Months Ended |  | Three Months Ended |  | Six Months Ended |  | Six Months Ended |
|  | June 30, |  | June 30, |  | June 30, |  | June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
|  | Millions |
| PSE&G | $ | (1 | ) |  | $ | 7 |  |  | $ | 13 |  |  | $ | 11 |  |  | $ | (2 | ) |  | $ | 14 |  |  | $ | 27 |  |  | $ | 22 |  |
| Power | 1 |  |  | 4 |  |  | 6 |  |  | 5 |  |  | 1 |  |  | 8 |  |  | 13 |  |  | 11 |  |
| Other | 1 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 6 |  |  | 3 |  |  | 2 |  |
| Total Benefit Costs | $ | 1 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 28 |  |  | $ | 43 |  |  | $ | 35 |  |
During the three months ended March 31, 2017, PSEG contributed its entire planned contribution for the year 2017 of $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $35 million into its pension plan trusts during 2017. Servco’s pension-related revenues and costs were $8 million and $6 million for the three months ended June 30, 2017 and 2016, respectively, and $17 million and $12 million for the six months ended June 30, 2017 and 2016, respectively. The OPEB-related revenues earned and costs incurred were $1 million and $2 million for the three months and six months ended June 30, 2017. The OPEB-related revenues earned and costs incurred were immaterial for the three months and six months ended June 30, 2016.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66047640&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=pseg_PseAndGMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=pseg_PowerMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |